The optical vector analyzer is a device used to measure the magnitude, phase responses, and other parameters of optical devices. There have been increasingly higher demands placed on optical vector analyzers during the development of optical technologies, which are satisfied by the creation of new devices and their operating principles. For further development in this area, it is necessary to generalize the experience gained during the development of optical vector analyzers. Thus, in this report, we provide an overview of all the basic types of approaches used for the realization of optical vector analyzers, including the advanced ones with the best performances. The principles of their working, as well as their associated advantages, disadvantages, and existing solutions to the identified problems, are examined in detail. The presented approaches could be of value and interest to those working in the field of laser dynamics and optical devices, as we propose one use of the optical vector analyzer as being the characterization of Fano resonance structures.